The Council took note of the presentation by the Commission of two communications on the further development of the EU's economic and monetary union (EMU). It held a brief exchange of views.
The communications relate to:
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introduction of a "convergence and competitiveness instrument" (6849/13);
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ex-ante coordination of national economic policy reforms (view).
They follow up on work carried out by the European Council, which last December called on its president to present in June 2013, after consultations with the Member States, possible measures and a timetable for the further development of EMU.
The communication on a convergence and competitiveness instrument sets out options for both contractual arrangements for member states to undertake specific reforms and financial support to help them implement these reforms.
The concept of ex-ante coordination of plans for major economic policy reforms was introduced by the so-called Fiscal Compact. The reforms to be coordinated should focus on competitiveness, employment, the functioning of product and services markets, network industries, tax systems, financial stability and fiscal sustainability.
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